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for the first time since president obama took office, the federal deficit will drop below $1 trillion. last friday the down jones closed above 14,000 for the first time in five years. january brought modest job growth and drug dripping gains. for 10 scek tough months -- consecutive months housing prices have gone up. >> we sold 43 homes in the month of january, the best january since twief. >> reporter: the president warned congress to avoid self-inflicted wounds that could stall the economy. karen travers, abc2 news, washington. >>> scammers started making threatening phone calls after a woman turned down a bogus offer. >>> it was probably just a joke but a niner fan could get into trouble after a stunt. the consequence he could face for pointing a laser at a news helicopter. my achy feet made it tough to play with billy. until he got his number. right! the machine showed me my pressure points on my feet, and it gave me my custom number. my arches needed more support. in two minutes, the dr. scholl's foot mapping center showed me my free foot map and my number. i'm a 440. that matche
for the first time since president obama took office, the federal deficit will drop below $1 trillion. last friday the down jones closed above 14,000 for the first time in five years. january brought modest job growth and drug dripping gains. for 10 scek tough months -- consecutive months housing prices have gone up. >> we sold 43 homes in the month of january, the best january since twief. >> reporter: the president warned congress to avoid self-inflicted wounds that could stall...
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Feb 3, 2013
02/13
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both sides are willing to basically deficit spend and run us into a fiscal problem. republicans are unwilling to touch revenue so say let -- democrats are unwilling to address government spending so they deficit spend. both sides which can why this country does not trust washington. >> quickly to another issue, chuck hagel's confirmation hearing this week. not even the white house would defend his performance much here's a piece of it. >> i support the president's strong position on containment, as i said. if i said that, meant to say that i obviously his position on containment we don't have a position on containment. we do have a position on containment which is that we do not favor containment. >> he was kind of a surprise there from chuck hagel, probably not going to hurt his chances of confirmation, even getting some republicans -- >> i think he's going to make it but if you have to clarify your clarification you're in trouble, no. i mean if we, for instance, what he went through with what hillary clinton did with the benghazi hearings, he had two different pers
both sides are willing to basically deficit spend and run us into a fiscal problem. republicans are unwilling to touch revenue so say let -- democrats are unwilling to address government spending so they deficit spend. both sides which can why this country does not trust washington. >> quickly to another issue, chuck hagel's confirmation hearing this week. not even the white house would defend his performance much here's a piece of it. >> i support the president's strong position on...
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Feb 9, 2013
02/13
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based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by lawmakers and to what extent that is the underlying recovery in the economy? >> both factors and we have not tried to quantify them. one can look at our projections over the past several years and basically add up each successive revision, so every time we release new budget projections, we report the revisions and we divide them into the effects of economic forecasts and changes to other technical revisions. if one stacked all those up, one can get a sense about how much the debt has changed or the deficit has changed for any given year relative to any particular path pr
based on current law which showed much smaller deficits. long-term rates are higher in than we had in this country and that also reflects the higher amount of debt, federal debt relative to g.d.p. than we have had over the past several decades. >> "washington post.? -- "washington post." thinking about how we should view the budget battles over the last two years. we are stabilizing debt at a much higher level. to what extent is that a result of decisions that were made by...
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the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of people who will be eligible for medicare will be rising sharply. gerri: they expect gdp to rise this year and next year an average of 3.6% after that and then slowing. cbo expects unemployment average 8% this year and seven points six% next year that is the first time that has happened in 70 years. with the recent tax increases and spending cuts the cbo says it will cost 1.2 5% percentage points of gdp but with deficits reduce it boost growth and employment in the future. gerri: while the cbo war and gas the president tried to put the squeeze on congress to pass small spending cuts and pass more tax hikes. w
the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of...
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Feb 4, 2013
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. - 3 the steps lawmakers are takkng to reduce thh deficit and promote econooic growth.. 3 just days after news thht the economy as shrunk slightly in the fourth uarter of 2012, presidenn obama says the recovvry issshowwng signn & of growth. the president sat down with c-b-s' scott pelley forrannexccusive innerview aheaddof the superr -3 bowl.marianne rafferty hassmore. 3 ooama says: "housing is 3 going strong, car sales are uu. the truth is overall here were a lottof ositive signs eeonomy is taking a step forward, but some economisss say ii's on a slow path. -3 some say one offthe things polding up progress is folkss in washinggon. president obama is ccaling on lawmakers toowork together on a balanced approach to reduce the deficit and promote economii growth. but continued gridlock may pmpact a deal.dowd: republicans are unwilling to let's ddficit spend in order 3&&pare unwilliig to address -3 government ssending, so they -3 deficit spend, both sides, wwich iswhy the country does not rust washington. -& while thh wwite house and 3 fiscal cciff, the eal alss deferred auuomaticcspend
. - 3 the steps lawmakers are takkng to reduce thh deficit and promote econooic growth.. 3 just days after news thht the economy as shrunk slightly in the fourth uarter of 2012, presidenn obama says the recovvry issshowwng signn & of growth. the president sat down with c-b-s' scott pelley forrannexccusive innerview aheaddof the superr -3 bowl.marianne rafferty hassmore. 3 ooama says: "housing is 3 going strong, car sales are uu. the truth is overall here were a lottof ositive signs...
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that shortfall is called the deficit. when you add together all the annual deficits and the interest on them, you get the national debt. today that stands at $16.4 trillion and a whole lot of change. that comes out to $52,000 for every american man, woman, and child. economists agree the best way to bring down that number is to grow the economy. that means more tax revenue coming in and fewer people relying on the social safety net. new numbers show the economy isn't growing. the economy is shrinking. america's gdp fell by an annual rate of 0.1% in the last quarter of last year. the last time that hand was during the recession. economics professor and unapologetic liberal paul krugman says the u.s. needs to wait for economic growth come back before even thinking about spending cuts. >> the power of the household analogy is very strong. remember, we all -- the liberal leeng congress made fun of boehner when he said families have to tighten their belts, the government does, too. that's stupid. three months later, obama was
that shortfall is called the deficit. when you add together all the annual deficits and the interest on them, you get the national debt. today that stands at $16.4 trillion and a whole lot of change. that comes out to $52,000 for every american man, woman, and child. economists agree the best way to bring down that number is to grow the economy. that means more tax revenue coming in and fewer people relying on the social safety net. new numbers show the economy isn't growing. the economy is...
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annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10 years and beyond. that is importantly because the number of people who will be eligible for medicare will be rising very sharply. >> as the economic forecast, expecting gdp to expand 1.4% this year, 3.4% next year, average 3.6% to four years after that and slowing beyond there. expecting unemployment to average 8% this year and 7.6% next year, marking six straight years above $0.7.5, first time that has happened in 70 years. the recent tax increases and spending cuts on the economy, the office says they will cost one and a quarter percentage point to gdp and one half to 2 million jobs this year though wi
annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10...
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the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set s
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in...
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Feb 4, 2013
02/13
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have to get on top of the deficit. that is stage one of getting on top of our debt but it is worth reminding ourselves why we're having to do this in the first place. who was it who racked up the debt? who was it that racked up the deficit? who was it that gave us the biggest deficit of any country virtually anywhere in the world? it was the government which he supported. >> if the prime minister agrees that the shortage of engineering skills is one of the greatest avoidable threats to our prosperity and security and that the participation of women in engineering is scandalously low, will he encourage his colleagues to look favorably on the provisions of my bill to ask the young people to seek technology and engineering to take up their careers. >> i will say that in the data released today, one of the encouraging signs is the number of people studying engineering and computer science has gone up quite radically frankly to raise the status of engineering, encourage engineering, are having any effect. >> the government
have to get on top of the deficit. that is stage one of getting on top of our debt but it is worth reminding ourselves why we're having to do this in the first place. who was it who racked up the debt? who was it that racked up the deficit? who was it that gave us the biggest deficit of any country virtually anywhere in the world? it was the government which he supported. >> if the prime minister agrees that the shortage of engineering skills is one of the greatest avoidable threats to...
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Feb 6, 2013
02/13
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it is protected and accumulated $745 billion budget deficit within the next 10 years. after adding in infrastructure needs and retiree obligation, the deficit soars to $2 billion. even if the city use the reserve fund, it would be empty in three years. we will have the mayor's response tonight at 11:00 -- tonight at 5:00 and 6:00. a scenario that is starting to feel too much like a broken record for americans. a deadline will trigger a one trillion dollars in spending cuts over the next 10 years. what this means for regular folks. >> here is what it boils down to, basically. if huge automatic spending cuts kicks in and the economy slows down, all of us will feel the impact. nearly everyone on both sides in washington would like to avoid that, the question is, how? another day, another dollar, another fiscal fight in washington. the issue now, massive spending cuts. it is called sequestration and we were not supposed to get to this point in the first place. >> this was never intended to happen, it was a proposal that was meant to spur lawmakers into action to come up wi
it is protected and accumulated $745 billion budget deficit within the next 10 years. after adding in infrastructure needs and retiree obligation, the deficit soars to $2 billion. even if the city use the reserve fund, it would be empty in three years. we will have the mayor's response tonight at 11:00 -- tonight at 5:00 and 6:00. a scenario that is starting to feel too much like a broken record for americans. a deadline will trigger a one trillion dollars in spending cuts over the next 10...
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our state government was bogged down by a $3 billion deficit. now our housing market is on the mend. recovering faster than anywhere in america. we are adding jobs at the swiftest clip in years, nearly 23,000 in november alone. arizona ranks fifth in the nation for job growth during 2012. [applause]the kauffman index recently declared arizona the country's premier place for entrepreneurs. our budget is now balanced. we set aside $450 million in the state's rainy day fund for the next time that crisis strikes. [applause]crime and violence in arizona continues to trend downward. arizona has reduced crime by punishing criminals and not by infringing on the rights of law- abiding gun owners. [applause]our state is getting stronger. i am confident that arizona's light of opportunity will shine as bright as the arizona sun in the years to come. i understand there was a little game being played last month called where in the world is jan brewer? i heard the rumors. i was not hiking the appalachian trail. [laughter]in fact, i was humbled that the united
our state government was bogged down by a $3 billion deficit. now our housing market is on the mend. recovering faster than anywhere in america. we are adding jobs at the swiftest clip in years, nearly 23,000 in november alone. arizona ranks fifth in the nation for job growth during 2012. [applause]the kauffman index recently declared arizona the country's premier place for entrepreneurs. our budget is now balanced. we set aside $450 million in the state's rainy day fund for the next time that...
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saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and deficits will be larger, the cbo says, if current laws were modified and rising health care cost and increased federal health care subsidies, spending cuts and higher taxes with offset deficit increases long-term says the cbo. over and over again this report talks about those short-term budget decisions on the horizon including march 1st, the automatic spending reductions, sequester. what does congress and the white house do about the expiring continuing resolution in late march, funding for the operations of government and, divorce, the next round of the debt limit debate due to h
saying deficits decline as a percentage of gdp could dip as low as 2.4% in 2015. then they start to rise again in 2016. that 10-year-old cbo deficit projection increased overall to 4.6 trillion for the 2013 decade up from $20.2 trillion in it's previous. cbo sees real gdp growing 1.4% in 2013, the sub died growth limits businesses to hire more workers, cbo projecting unemployment rate to stay near 8% this year, also expecting unemployment rate to remain above 7.5% through 2014. debt and...
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>> i think our deficit will good up. that's going to cut a big hole in our economy so tax revenues will dry up. i think our economy is very delicate right now. businesses are tired of the uncertainty. if the president keeps talking tax increases, i'm worried about what that that will de. >> the president elect of the heritage foundation. >> with the nation's debt mounting, new fears america's credit rate could go be slashed again. and now this. attorney general eric holder announcing a lawsuit against standard & poors. the suit, which seeks $5 billion in damages, claims s&p's high rating on risky mortgage investments brought the financial system to the brink of collapse. why just s&p? why not other rating agencies? no. it is just s&p. the same firm that had the temerity to downgrade our debt. critics crying foul, claiming the move is nothing more than political retallation. is it? we're on it with fox news legal analyst mercedes and fox business net wish are melissa mercedes, you first. do you think this is political pay
>> i think our deficit will good up. that's going to cut a big hole in our economy so tax revenues will dry up. i think our economy is very delicate right now. businesses are tired of the uncertainty. if the president keeps talking tax increases, i'm worried about what that that will de. >> the president elect of the heritage foundation. >> with the nation's debt mounting, new fears america's credit rate could go be slashed again. and now this. attorney general eric holder...
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Feb 9, 2013
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. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push through and how does that balance things? but the point about baltimore is interesting because that's where this nation could possibly be headed. you continue to raise taxes and you don't cut spending and you wind up on the brink of bankruptcy, exactly where that city is. >> you know, ben, you say we're all eventually going to have to pay higher taxes, but as the only item in your play book how to fix your economy it doesn't seem like it's ever going to work. >> i keep thinking if taxes are so terrible, why don't we just have no taxes at all. why don't we pay for-- >> 100% taxes. >> why don't we have no taxes at all and why don't you not interrupt me for once? >> i can't help it. >> why don't we have no taxes at all and why don't we have some some balance in the budget. and for gosh sakes, we're grownup disciplined people and we're supposed to balance the budget not supposed to be like small children. >> okay, c
. >> we got that cbo report this past week, 7 trillion dollar in additional deficit and factor in what that 600 billion dollars in tax hikes that the democrats did already push through and how does that balance things? but the point about baltimore is interesting because that's where this nation could possibly be headed. you continue to raise taxes and you don't cut spending and you wind up on the brink of bankruptcy, exactly where that city is. >> you know, ben, you say we're all...
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if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and the second example of that real math is what the cbo put out which says, suppose you do nothing? well, then we have a fault turf bad growth. their long-term growth rate for the u.s. has been marked down from 2 1/2% a year ago to 2.2%. and that's testimony to a staggering debt burden this economy is bearing. whether you look at it as the bad
if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make...
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Feb 9, 2013
02/13
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and matt schaub eliminated the trade deficit -- could reduce the trade deficit by roughly 190 or $400 billion create between 2.2 m. 4.7 million jobs. doing that would increase manufacturing back to 11 million jobs. that's a big down payment, so i think one of the things we need to do is create demand. as we did in 1990s and didn't do in the last decade. just went to foreign sources. we need to shift the demand to domestically produced goods and the voters vote in the hiring of the mystic workers. manufacturing jobs are amongst the best, especially those without a college degree. high wages, good tendency, compared especially to other work in the economy. >> great, thanks. bruce, you work in washington d.c. at dupont. >> i mostly on a plane though. >> i'm just going to say -- in washington d.c., industrial policy is a dirty word, but if you go many other domestic way, while managing a city that practice is something that looks to me like industrial policy. they're picking and winners and losers in giving tax credits to specific companies and trying to build clusters. what's the best wa
and matt schaub eliminated the trade deficit -- could reduce the trade deficit by roughly 190 or $400 billion create between 2.2 m. 4.7 million jobs. doing that would increase manufacturing back to 11 million jobs. that's a big down payment, so i think one of the things we need to do is create demand. as we did in 1990s and didn't do in the last decade. just went to foreign sources. we need to shift the demand to domestically produced goods and the voters vote in the hiring of the mystic...
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Feb 4, 2013
02/13
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yes, i think more deficit reduction is occurring than most people realize. if the sequester actually occurs or cuts equivalent to the size of the sequester occur, $1.2 trillion over two years, you will have had $3 trillion of deficit reduction done or in the pipelines, and simpson bowles two years ago called for 4.5%. you will have done two thirds of what they said. although if they were sitting here today they would probably call for a higher number. however, it's not being done in the right way. on a balanced way and adequately balanced between revenues and spending and the key to spending restraint over the very long term, entitlement reform is not as mcginnis said, part of the picture. >> alan, your book. let's talk about that for a moment. you argued the t.a.r.p. and the stimulus did their jobs. why and what did we learn from the crisis? >> well, why? we had a very sick financial system, especially a sick banking system. that had to be the first order of priority, even though it was bound to be incredibly unpopular politically, which was. and still is,
yes, i think more deficit reduction is occurring than most people realize. if the sequester actually occurs or cuts equivalent to the size of the sequester occur, $1.2 trillion over two years, you will have had $3 trillion of deficit reduction done or in the pipelines, and simpson bowles two years ago called for 4.5%. you will have done two thirds of what they said. although if they were sitting here today they would probably call for a higher number. however, it's not being done in the right...
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Feb 6, 2013
02/13
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we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther and live healthier lives. this is important for families and the economy. we are helping people stay healthy longer and one of
we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you...
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Feb 8, 2013
02/13
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in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over entirely. if you extrapolate a 5% or 6% return we've had so far this year, we'll have one of the greatest stock markets of all time in the face of, you know, good earnings but not great earnings, in the face of still slow growth. i think that's a little unrealistic so we'll probably get a little bit of a pullback, unusual if we didn't. still recommending a substantial allocation to equities. this year looks like last year, political uncertainty. last year was a good year for stocks. as for stocks versus bonds, i've been thinking it was the end of a 30-year bull market in bonds for the past three years. by the sa
in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over...
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Feb 2, 2013
02/13
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republicans and democrats have worked together to reduce our deficit by $2.5 trillion. that is a good start, but to get the rest of the way, we need a balanced set of reforms. for example, we need to lower the cost of health care like programs like medicare. we cannot pass the burden. these reforms must go hand-in- hand with eliminating excess spending in our tax code so that the wealthiest cannot take advantage of loopholes and reductions that are not available to most americans. 2012 can be a year of solid growth and more jobs and higher wages. -- 2013 can be a year of solid growth and more jobs and higher wages. everyone in washington needs to focus on what is right for the country, on what is right for you and your families. that is how we will get our economy moving faster. it will strengthen our middle class. we will build a country that rewards the effort and determination of every single american. thank you. have a great weekend. >> hello. my name is susan brooks. it is a pleasure to speak to you from my home state on indiana. my husband and i have raised two ch
republicans and democrats have worked together to reduce our deficit by $2.5 trillion. that is a good start, but to get the rest of the way, we need a balanced set of reforms. for example, we need to lower the cost of health care like programs like medicare. we cannot pass the burden. these reforms must go hand-in- hand with eliminating excess spending in our tax code so that the wealthiest cannot take advantage of loopholes and reductions that are not available to most americans. 2012 can be a...
SFGTV2: San Francisco Government Television
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Feb 5, 2013
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the great deficit in this country is the investment deficit, the investment in people and infrastructure. there were attempts to revive it. it was a super committee proposal. i think it is a good thing the super committee failed to reach an agreement. we will see where that goes. it was not a fair deal. there was so little revenue and so much padding. -- so much cutting. someone was writing the other day that the anti-tax mania is at an all-time low. reagan was willing to raise taxes. it shows how extreme. someone said the of the grover norquist may be the most powerful person in america. the new pledge he has held canada is to. he has held candidates -- the new pledge he has held the new candidates to is keeping millions -- it has a role to play in a country rich in the land grant colleges, highways, bridges. i understand the bridge out here is about to be built. i am all for infrastructure. >> obama in a way has to be the luckiest politician. if you look at the republican lineup -- [laughter] it is like michael dukakis in an oversized tank hat. >> the idea that newt gingrich is now at
the great deficit in this country is the investment deficit, the investment in people and infrastructure. there were attempts to revive it. it was a super committee proposal. i think it is a good thing the super committee failed to reach an agreement. we will see where that goes. it was not a fair deal. there was so little revenue and so much padding. -- so much cutting. someone was writing the other day that the anti-tax mania is at an all-time low. reagan was willing to raise taxes. it shows...
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it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23 million people that have health insurance that didn't have it before. it's not free. it comes at the cost. everyone understood it came as a cost. it was paid for in part by tax increases and cuts in other government health care spending. it was not all on the revenue side. the other thing that is important for the congressional budget office said it reduced the it in the first decade, which is what they look at if you look in the the second decade, we think it will reduce the deficit even more. i think they were in fact giving credit and thinking it would slow the growth rates of some of the health care spe
it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23...
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a balanced approach has achieved more than $2.5 trillion in deficit reduction. that's more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties believe is required to stabilize our debt. so we've made progress. i still believe that we can finish the job with a balanced mix of spending cuts and more tax reform. the proposals that i have put forward during the fiscal cliff negotiations in discussions with speaker boehner and others, are still very much on the table. i just want to repeat, the deals that i put forward, the balanced approach of spending cuts and entitlement reform and tax reform that i put forward are still on the table. i have offered sensible reforms to medicare and other entitlements, and my health care proposals achieved the same amount of savings by the beginning of the next decade as the reforms that have been proposed by the bipartisan bowls simple son fiscal commission. these reforms radio reduce our government's bill. what's up, cameraman? come on, guys. they're breaking my flow a
a balanced approach has achieved more than $2.5 trillion in deficit reduction. that's more than halfway towards the $4 trillion in deficit reduction that economists and elected officials from both parties believe is required to stabilize our debt. so we've made progress. i still believe that we can finish the job with a balanced mix of spending cuts and more tax reform. the proposals that i have put forward during the fiscal cliff negotiations in discussions with speaker boehner and others, are...
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trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but that success was offset somewhat by i
trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely...
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so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the honor, but i'm only a chairman today. the gentleman is rognized. mr. hoyer: we wish you the best for the future. the chair: thank you. mr. van hollen, may i ask for how long he was recognized? mr. van hollen: i yield four minutes. the chair: the gentleman from maryland is recognized. mr. hoyer: i thank the gentleman for yielding. mr. price of georgia said what the american people want. what the american people don't want is games. this is a game. this is a sham. this is a shame. what the american people want is honest legislatio
so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the...
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blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been under president obama. but the supposedly gigantic growth of those deficits is why congressional republicans are >>> in march 2007, some of the fine folks at morgan stanley were brainstorming via e-mail about what they wanted to call a new product they were working on. it was an investment package essentially that they would eventually go on to sell to a chinese bank. here are some of the potential product names that were suggested in this brainstorming session by a particular morgan stanley vice president. flutter fish 2007, or mike tyso
blue bars are president obama's deficits. those really big bars are when the whole world economy crashed, including ours. remember that? you notice how the deficit gets smaller when the bars are blue over time? see how they're getting shorter as you go to the right? today the congressional budget office released their deficit projection for 2013. so for this upcoming year, the nonpartisan cbo. according to them under president obama the deficit is slated to continue to shrink, as it has been...
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reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in china will get the first free union vote. these guys produced 40% of the world's electronics. will this push up the price of your smartphone? you might want to embrace for impact. even when they say it's not it is always about money melissa: first let's take a look at today's market moments. stocks recovered after the worst day of the year. solid u.s. and european economic data helped put the bulls back on the track. the dow briefly climbed back above the 14,000 mark and pared session highs closing up 99 points. nasdaq and s&p 500 each gained more than 1%. >>> starting off tonight with pr
reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in...
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as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75
as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets,...
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i don't think the focus has changed to the median term deficit. i think it is front and center precise i will because it has to be -- precisely because it has to -- we have an unemployment rate slight i will below 8%. if you're at a do more infrastructure spending or you're going to make the kind of investments in education that will put people back to work, the only way you ever get a congress to go along with you if you say let's make this part of a package to deal with the other long-run fiscal things. in dealing with some of this is making space to get more short-term recovery. >> except that -- >> poor anna. >> i want this, exactly. >> to move the needle -- if you're pulling on the fiscal policy lever you have to pull from your heart. in 2008, president bush proposed and congress enacted what we called the fiscal stimulus bill. on the right of the aisle it was not forbidden to call it that. it was bipartisan and it was $150 billion pushed out over an 18-month period. we figured that was probably at least the smallest size you needed to move t
i don't think the focus has changed to the median term deficit. i think it is front and center precise i will because it has to be -- precisely because it has to -- we have an unemployment rate slight i will below 8%. if you're at a do more infrastructure spending or you're going to make the kind of investments in education that will put people back to work, the only way you ever get a congress to go along with you if you say let's make this part of a package to deal with the other long-run...
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>> the money supposedly is going to reduce the deficit. but the problem is, the sequestration is indiscriminate. if you let leon panetta do those cuss and figure out where they should come from and did it with a scalpel that would be fine. but i think the defense department can handle this. the president is not going to come up with cuts and programs that he wants if the republicans don't say what they want. whether they want it to be the virgin birth of spending cuts. >> ryan, you and i know that the 95 billion goes back in the private sector. what happens to it then? then it becomes much more lucrative than 85 billion because it's reinvested. where? in private enterprise, correct? >> it doesn't necessarily go back into the private sector. it van issues. >> how does that happen? >> they don't borrow. >> it's not being borrowed. >> but if it's still -- if it's no longer borrowed, and in the private sector where it is functioning under the rules of -- >> sitting in the banks. >> and the program matt sound capitalism. issue three. gop soul s
>> the money supposedly is going to reduce the deficit. but the problem is, the sequestration is indiscriminate. if you let leon panetta do those cuss and figure out where they should come from and did it with a scalpel that would be fine. but i think the defense department can handle this. the president is not going to come up with cuts and programs that he wants if the republicans don't say what they want. whether they want it to be the virgin birth of spending cuts. >> ryan, you...
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under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next ten years u.s. debt will increase $10 trillion from a little more than 16 trillion-dollar now to more than $26 trillion in 2023. >> you can't raise enough tax to say pay for this problem. you won't grow fast enough to get rid of this problem. you ultimately have to deal with spending. >> after 2023, the debt begins to soar. >> after that it's going to grow and reach the trillion and go beyond the trillion. so at no point in the foreseeable future is the deficit going to come down to manageable level. >> noting repeatedly high debts are bad and dangerous as he put
under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next...
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austerity measures that cost jobs that only increase our deficit problem will bring down the deficit by decreasing reliance on safety net programs, taxpayers, improving debt to gdp ratio. job losses under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. ask the american public that is what they really mean by cuts. rain to stop those cuts and instead create education jobs by investing in teachers, modernizing schools and efforts that would create more than 300,000 jobs. sent to . the balancing act include some of these ideas. ultimately included in the president's american jobs act, which never even got a vote in the house. teaching, modernizing schools and rebuilding our transportation and the structure while -- with the balancing act would do, those are the jobs that our communities need, and those are the jobs our economy needs to our legislation pays for those investments but including smart military cuts and the sequestration across-the-board cuts allowing for a little discretion. no discretion. our alternative would cut waste and to r
austerity measures that cost jobs that only increase our deficit problem will bring down the deficit by decreasing reliance on safety net programs, taxpayers, improving debt to gdp ratio. job losses under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. ask the american public that is what they really mean by cuts. rain to stop those cuts and instead create education jobs by investing in teachers, modernizing schools and efforts that would create more...
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assorted measures only in greece are deficit problem while creating jobs will help bring down the deficit by decreasing reliance on teaching net programs, increasing taxpayers in every debt to gdp ratio. job loss under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. as the american public that's what they mean by cats. we need to create education jobs by investing in teachers, modernizes goals in the first to create one in 300,000 jobs. these ideas they offered a bill in 2011 and were ultimately included in the american jobs that come which never even got a vote in the house. modernizing schools and the probing of the structure from which the balancing act we do other jobs or communities need and those are the shops are economy needs. the legislation pays for investments by including smart military cut the number for the discussion, really no discussion we'll streamliner military to meet 21st century threats. raising revenue from those who can afford to pay more, making targeted military cut, not a little at first restorer the balance deficit r
assorted measures only in greece are deficit problem while creating jobs will help bring down the deficit by decreasing reliance on teaching net programs, increasing taxpayers in every debt to gdp ratio. job loss under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. as the american public that's what they mean by cats. we need to create education jobs by investing in teachers, modernizes goals in the first to create one in 300,000 jobs. these ideas...
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this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not seem to be able to get your message across. i know you are frustrated. it is not a spending problem. of course it is a spending problem. we never have budgets like this, throwing money at all times of all kinds of different programs. how many more democrats talk about, i did not cheat on my wife, i only did it when her cancer was in remission. guest: the caller has raised a number of different points. one point, the overarching theme of his call was the frustration he has of republicans getting the message out. i do appreciate c-span allowing us
this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not...
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. >> tomorrow on news makers the federal debt and deficit, the cuts known as sequestration beginning on march 1. you can watch the interview on news makers tomorrow at 10:00 a.m. eastern and 6:00 eastern here on c-span. >> and you are watching the communicate tors on c-span. we are on location at the c.e.s. international 2013 show in lave from the -- from las vegas. here at c.e.s. international, samsung has a large display and we are joined by david steel of samsung. begin by giving us a snapshot of the samsung corporation. >> it is now the largest technology company in the world by sales. we cover components all the way through to finished goods like home appliances, televisions and smartphones. so you will see a whole range of products at the booth where we are showing audio systems, home appliances, televisions, the whole range of electronic products. >> what is your position at samsung, for what are you response snble >> i'm responsible for our corporate strategy in north america america and looking at all of our corporate strategies across that. so overseeing all the product are
. >> tomorrow on news makers the federal debt and deficit, the cuts known as sequestration beginning on march 1. you can watch the interview on news makers tomorrow at 10:00 a.m. eastern and 6:00 eastern here on c-span. >> and you are watching the communicate tors on c-span. we are on location at the c.e.s. international 2013 show in lave from the -- from las vegas. here at c.e.s. international, samsung has a large display and we are joined by david steel of samsung. begin by giving...
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jobs is the thing that will really reduce the deficit. more taxpayers is going to result in the lower deficit than already this year. if we look at the last year we've seen the deficit go down because you've seen a little bit of success in the job market. not enough, but you have seen us reducing that deficit. that's really what the balancing act is all about. i would think that any fair-minded member of congress would want to see us balance and not just ask to solve the deficit crisis by forcing it all on the shoulders of people who defend upon important government programs. >> john: it seems inspiring that you're trying to sneak sanity into the budget debate. i commend you for it. you were there when the president laid out his gun control proposals. >> yes. >> are these campaign-style events the best way for him to drum up support for this issue? >> yes, and the reason why i think so, the american public supports common-sense gun-violence prevention. we support universal background checks closing the gun show loopholes. we support banni
jobs is the thing that will really reduce the deficit. more taxpayers is going to result in the lower deficit than already this year. if we look at the last year we've seen the deficit go down because you've seen a little bit of success in the job market. not enough, but you have seen us reducing that deficit. that's really what the balancing act is all about. i would think that any fair-minded member of congress would want to see us balance and not just ask to solve the deficit crisis by...
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so you're seeing a decline in the amount of deficit. the question is are the republicans really crying wolf when they continue to talk about blowing deficits when, in fact the measures that the president and congress have taken so far have actually caused the deficit to decrease. >> well, exactly. especially the last plan where we did have a balanced approach for once. but what speaker boehner has said is that the president got his revenue, and so there is not going to be a balanced approach any more. you know, when paul ryan put his budget forward last year it wouldn't have reached balance for 20 or 30 years. so as you're talking about a balanced budget in ten years the only way from their perspective to do that is absolute draconian cuts. when they're talking about reforms, you and i are very well aware that is just code word for taking medicare and turning it into a voucher. taking medicaid and turning it into a block grant which is another way of saying a significant cut to these programs that i believe are part of what makes us a g
so you're seeing a decline in the amount of deficit. the question is are the republicans really crying wolf when they continue to talk about blowing deficits when, in fact the measures that the president and congress have taken so far have actually caused the deficit to decrease. >> well, exactly. especially the last plan where we did have a balanced approach for once. but what speaker boehner has said is that the president got his revenue, and so there is not going to be a balanced...